Political Developments: Thatcherism and Influencers of Thatcherist Policies Flashcards
What was the belief in Thatcherism?
The belief in a free market and a small government
What approach would the government have in relation to business under Thatcher?
A laissez-faire approach
Name a book that influenced Thatcher in her policies and who it was by
The Road to Serfdom by Friedrich Hayek
What did ‘The Road To Serfdom’ warn of?
The consequences of the government continuously controlling the economy
What did Thatcher join before becoming Prime Minister? Who was it led by?
A Conservative Faction, led by Keith Joseph
Name 2 individuals that Keith Josephs Conservative Faction followed the ideas of
Freidrich Hayek, Milton Friedman
What did Thatcher reduce the basic rate of Income Tax to?
25%
What was the rate of income tax for higher earners before Thatcher? What did Thatcher put it down to?
Income tax was previously 83%, Thatcher put it down to 60%.
Why did Thatcher reduce high earners income tax?
She felt that it would create an incentive for lower earners to get to a stage of earning more money themselves
What type of tax was there a shift to under Thatcherist policies?
Indirect taxation
Name a form of Indirect Taxation
VAT
What did Thatcher put VAT up to and what was it before this?
She put it up to 15%, when it was previously 8%
Name 3 Public Industries Thatcher sold off
British Gas, British Airways, British Telecom
What popular piece of legislation did Thatcher introduce for council house owners?
The Right To Buy
How popular was Right To Buy in the 1970s?
8 out of 10 people supported it coming into effect
